Arab News
Arab news, Mon, May 05, 2025 | Dhu al-Qadah 7, 1446
Oman inflation inches up by 0.56% in March
Oman:
Oman’s inflation rate inched up by 0.56
percent in March, reflecting overall price stability despite notable movements
in select consumer categories, official data showed.
According to data from the National Centre for
Statistics and Information, the biggest year-on-year gain was recorded in the
miscellaneous goods and services segment, which rose 6.11 percent, followed by
health, up 3.22 percent, and transport, which advanced 1.74 percent.
In contrast, prices for vegetables and fish and
seafood fell sharply, declining 10.23 percent and 6.95 percent, respectively.
Oman’s inflation remains one of the lowest in the
region, thanks to government measures, prudent fiscal policies, high oil prices,
and rising non-oil exports, with the rate easing in recent months.
Across the region, Saudi Arabia recorded a 2.3
percent annual rise in consumer prices in March, with inflation largely driven
by housing and utility costs, while Dubai’s rate moderated to 2.8 percent, down
from 3.15 percent in February, supported by lower transport and food costs.
On a monthly basis, Oman’s general index dropped
by 0.36 percent in March compared to February.
Despite the decline, the fruit category saw a 3.25
percent increase, followed by the miscellaneous goods and services group which
saw a 0.72 percent increase.
In contrast, transport prices fell 1.86 percent
month on month, while the fish and seafood group dropped 3.53 percent.
The food and beverages category, which holds the
highest weighting in the consumer price index basket, fell 0.74 percent year on
year and 0.58 percent month on month.
Within this group, milk, cheese and eggs posted a
2.97 percent annual increase, while bread and cereals and meat fell by 0.55
percent and 0.44 percent, respectively.
Oman has continued to consolidate its fiscal
position, building on the momentum of recent surpluses.
The Ministry of Finance recently reaffirmed its
2025 budget outlook, underpinned by sustained oil revenue and ongoing
diversification initiatives.
The sultanate recorded a real gross domestic
growth of 1.3 percent in 2023, supported by a robust non-oil sector, and
projects GDP to reach 44.1 billion Omani rial ($114.66 billion) in 2025.
Non-hydrocarbon activities are expected to account
for 70.5 percent of this total, reflecting progress in the country’s Vision 2040
goals.
Additionally, public revenues are projected at
11.2 billion rial, with a continued focus on reducing public debt and boosting
private sector participation.